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Monday, August 8, 2016

(L)Earning Wealth: Successful Strategies in Money Management Book Launch

Wazzup Pilipinas!

Vince Rapisura, founder of Social Enterprise Development Partnerships, Inc. (SEDPI), a social enterprise that provides financial literacy training programs to low-income OFWs in 15 countries worldwide, recently released his book on personal finance entitles (L)Earning Wealth: Successful Strategies in Money Management.

At his book launch held on July 30, 2016 at Fully Booked located in Bonifacio Global City (BGC) in Taguig city, Vince shared his origins and experiences in life from his birth, to his childhood, his opportunities to advocate love for country during his teenage years as among a representative from the Philippines, and that moment when he finally met his partner, up to the creation of his book. He has been teaching microfinance and social entrepreneurship at the Ateneo de Manila University for the past 13 years, so it's about time he also comes out with a book that would benefit more than his students.

He shared that Filipinos are known to be resilient but how do we, specifically the poor, exactly cope in times of disaster or emergency?

Eight out of ten of the respondents from a survey revealed that the poor coped through accessing loans. A lot are not aware that this coping mechanism is not good for one’s financial health. Loans should be used for productive purposes only. The research result is an illustration that the poor have low financial literacy levels.

The appropriate financial tool used should be insurance and savings. It is a stark contrast that these two are at the bottom of the coping mechanism strategies of the poor while accessing loans is on top. Insurance is specifically design as a protection strategy against emergencies and external shocks. Savings on the other hand provides a cushion or a buffer to smoothen the impact of financial shocks.

A special guest, newly-elected Senator Risa Hontiveros of Akbayan (who won after three elections), was there to give the introduction to the book author. Of course, I also took the opportunity to talk and have some photo ops with her. Similarly, many of the guests wanted to have her in the photo as well. However, she had to rush to another event that day

The best example are teachers who actively prepare budgets but they are in a situation of indebtedness and without savings for emergency. This leaves them vulnerable to a variety of external risks which directly affect their well-being. In addition, teachers are in a strategic position to influence the youth on personal financial management which will only happen if they are able to achieve sound financial practices.

(L)Earning Wealth is the first book from SEDPI Foundation. SEDPI Foundation, as part of the SEDPI Group of Social Enterprises (SEDPI GSE), envisions economic empowerment of the poor through financial literacy. Vince Rapisura is the founder and President of SEDPI GSE.
The book distribution employs the One-for-One model, wherein for every book purchased, the foundation donates a book to marginalized communities. By doing so, those who buy the book not only learn about sound money management tips, but they also help the poor improve their financial literacy.

The book sales will also help SEDPI Foundation to provide financial literacy trainings to conditional cash transfer (CCT) beneficiaries, and students in public schools and state universities. Although some training events were already conducted with support from different development partners, this will be the first time that the training events will be shouldered by earnings from the book sales.

(L)Earning Wealth is embarking on financial literacy programs to improve the financial well-being of the poor. Through the sale of its book, (L)Earning Wealth: Successful Strategies in Money Management, it will donate one book to conditional cash transfer beneficiaries (CCT), and students in public high schools and state universities.

The book sales are an accredited fund-raising activity with the Department of Social Welfare and Development (DSWD).

If you know of a community that will benefit from financial literacy trainings, you can refer them by clicking on this link

The book is available in all major bookstores nationwide.

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